Towards a new paradigm in monetary economics / Joseph E. Stiglitz and Bruce Greenwald

Livre

Stiglitz, Joseph Eugene (1943-....). Auteur | Greenwald, Bruce Corman Norbert (1946-....). Auteur

Edité par Cambridge University Press - 2003

La quatrième de couverture indique : "Towards a New Paradigm in Monetary Economics presents a fundamentally new approach to monetary economics derived from the authors' pioneering work in the economics of information, for which one of the authors was awarded the Nobel Prize in 2001. Unlike the prevailing theory, it focuses not on the role of money in facilitating transactions, but on the role of credit in facilitating economic activities more broadly. The "new paradigm" emphasizes the demand and supply of loanable funds, which in turn requires an understanding of how banks and other institutions in the economy process information to evaluate creditworthiness. It explains the factors which determine the willingness and ability of banks to provide credit, explores the consequences of credit interlinkages within the economy, describes the implications of the new paradigm for the conduct of policy, and analyzes how changes in the structure of the economy, such as those associated whith the New Economy, are likely to impact the effectiveness of monetary policy, and thereby the stability of the economy. The book identifies the circumstances in which monetary policy alone is likely to be ineffective in restoring the economy to full employment, and suggests that those circumstances are likely to be more prevalent in the future. The book consists of two parts. The first part develops the basic theory, using a portfolio approach to explain how banks decide on how much to lend, and how changes in regulations as well as economic circumstances, both the balance sheets of banks and firms and perceptions of risks within the economy, affect the supply of credit. The second part is dedicated to the policy implications. It argues that the new paradigm provides a far better guide for addressing issues that range from financial market liberalization to how to handle the East Asia Crisis than does the standard theory."

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